In the matter of Xl Energy Limited Cp(Ib) No. 16-2023
Case brief
What is this about?
The Tribunal allowed an application seeking initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of IBC. The financial creditor proved an admitted default of approximately Rs. 375 crores against the corporate debtor.
What did the court decide?
Comencment of CIRP, appointment of VPL as IRP, and declaration of moratorium under Section 14 of IBC.
What the court decided
SL.No.3
NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH COURT HALL NO: II
PHYSICAL HEARING
CORAM: JUSTICE TELAPROLU RAJANI – HON’BLE MEMBER (J) CORAM: SHRI CHARAN SINGH - HON’BLE MEMBER (T)
ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD BENCH, HELD ON 27.03.2023 AT 02:30 PM
| TRANSFER PETITION NO. | |
|---|---|
| COMPANY PETITION/APPLICATION NO. | Company Petition IB/16/2023 |
| NAME OF THE COMPANY | XL Energy Ltd |
| NAME OF THE PETITIONER(S) | Invent Assets Securitization and Reconstruction Pvt Ltd |
| NAME OF THE RESPONDENT(S) | XL Energy Ltd |
| UNDER SECTION | 7 of IBC |
ORDER
This application is allowed, vide separate orders.
Sd/- Sd/-
Issues for consideration
2 issues framed by the court
Whether CIRP should be initiated against the corporate debtor upon admission of debt and default.
What directions should be issued regarding the appointment of IRP and declaration of moratorium under IBC?
Parties & counsel
- applicant
Invent Assets Securitization and Reconstruction Pvt Ltd
- respondent
XL Energy Ltd
Coram
Justice Telaprolu Rajani
Case details
As recorded by the court registry
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